The SAVE plan: Accessible Student Debt Relief for Anyone
Union Siblings,
Too many Americans are struggling with the burden of unmanageable student loan payments, often with interest rates that leave students owing more than they borrowed. Thankfully, the Biden administration’s Saving on a Valuable Education (SAVE) plan is here to help.
Click here to learn more about SAVE, who qualifies, and how it could help you or someone you know.
The SAVE Program caps the monthly payment of qualified borrowers at 10% of their discretionary income and can lead to the cancellation of remaining debt after 10 years of repayments.
And the payment cap will drop to 5% of discretionary income starting in July. No more choosing whether you pay your student loans or your necessities like groceries or prescriptions.
If you or someone you know is struggling with student debt but are ineligible for relief through other programs, we encourage you to look into SAVE. This Income Driven Repayment Plan is open to any borrowers in the Direct Loan Program who are in good standing with their student loans.
